Business Tax Update (SMTX09/19)

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Event Description

This course reviews the highlights of the Individual portion of HR1–Tax Cuts and Jobs Act. Topics include an overview of the new tax rates and how reform has affected accounting methods for business income.

Major Subjects

  • Tax Rates
  • Cost Recovery (Increased expensing and Modifications to depreciation limits on luxury automobiles; Modifications to certain farm property; Applicable recovery for real property)
  • Small Business Accounting Methods (Increases in thresholds; Use of Form 3115)
  • Modifications of S to C conversions
  • Reform of Business-Related Exclusions and Deductions(Interest; Net Operating Losses; Like-kind exchanges; DPAD; Entertainment expenses)
  • Reform of Business Credits
  • Energy Credits
  • Reforms related to other provisions and compensation
  • Deductions for income from a trade or business (Simple rules; Income-based rules; Professional service-based rules)

    Discussion Leader

    Arthur Werner, CPA, JD, MS (Taxation)